Work really well for a few jobs and then all of a sudden, the stuff was delivering more and more slowly and then that guy disappeared. Tue: 9am - 5pm. Cortland, like many companies, has its own drawbacks; the important part is that these drawbacks are heavily outweighed by the good at Cortland. We are the dreamers, designers, and doers behind our living spaces and experiences, from the way we make our residents smile to the features we design and place in our homes. In order to accomplish this goal, Cortland began to vertically integrate. What was it that you either saw as a macro market opportunity or something that you saw inside of Cortland that made you shift strategy? Please reach out to me directly at 214.496.0727, or email me at mary.stevens@cortland.com. Willy Walker: So, I remember walking into your offices, I want to say it was probably around 2015 maybe 2016 and there was a projection up on the wall in the analyst bullpen that had ships literally on the Pacific Ocean where you could track the ships that were bringing across them materials that were going to go into Cortland buildings that you were rehabbing. Those learnings really were helpful because there were times over the last 10 years where we would have 10 or 15 pretty major development or renovation projects and these renovations where 20, 30, 40 thousand dollars a unit. After digging into that a fair amount, we realized that there was really very little, you know as an industry, we pay very little respect to the folks who are turning wrenches if you will. However, BBB does not verify the accuracy of information provided by third parties, and does not guarantee the accuracy of any information in Business Profiles. To wrap up the conversation, he and Willy talk about the best and worst of leading the company now versus earlier in its life. So, we decided let's do this research and figure out where the markets going and that our significantly downsize point at that time, how might Cortland participate in whatever this recovery might look like? Email this Business. Featured Communities Florida AXIS Delray Beach Florida Bainbridge at Westshore Marina Florida Office (0) Den (0) Yard (6) Clubhouse (32) Business Center (32) Controlled Access (32) Playground (0) Allen, TX 75013-5259. Cortland Build is a global, concept-to-completion construction delivery firm specializing in multifamily new build, commercial construction (amenities), and renovation. You just raised your fifth closed end fund. As a result as an industry we didn't have a lot of investment in doing it better, we had a product, system and people, etc., but we did see that that clientele was likely going to be changing coming out of the GFC. And then on the broader question any thoughts about taking the model and expanding it out? 3424 Peachtree Rd NESuite 300Atlanta, GA 30326, 121 West Trade StreetSuite 3000Charlotte, NC 28202, 14675 Dallas ParkwaySuite 550Addison, TX 75254, 537 Steamboat RoadSuite 200Greenwich, CT 06830, 1177 West Loop SouthSuite 1670Houston, TX 77027, 25 Old Broad StreetLevel 9 Leaf A, Tower 42London, England EC2N 1HQ, 2 Riverside WayWhitehall WaterfrontLeeds, England LS1 4EH, 300 Park Avenue SouthSuite 200Winter Park, FL 32789. At that point coming out of the downturn, you are looking at between the 01 recession, the focus on the single family and then the GFC you are looking at over a decade of under development of multifamily. We felt that was important because we did a lot of research before we did this and learned that our brand actually stood for high degree of service, customer living experience, a lot earlier in the cycle than we had anticipated. How BBB Processes Complaints and Reviews. It tends to grow on itself so once you start with a small nucleus of really high-quality people, they attract higher quality people who want to work with them. Brand and associated SEO realities in the market today drive traffic, and they tie into the customer-centrism of the business. Cortland Apartments. But the reality was they were going to demand a lot more from a level of service and experience that we had been used to providing in the multifamily industry. Ms. Sarah DeFrancis, Manager of Communications. Steven DeFrancis: Well first, it's not about being top five or top 10, it's really about having the right asset base to operate with a scaled organization. Cortland Westshore 6207 S West Shore Blvd, Tampa, FL 33616 Visit Cortland Westshore website Apartment floorplans Aft $1,863 - $1,975 Studio | 1 ba | 593 sqft 2 units - Available now Angler $2,025 - $2,100 1 bd | 1 ba | 672 sqft 3 units - Available Mar 14 2023 Beam $2,105 - $2,160 1 bd | 1 ba | 726 sqft 3 units - Available now Beacon $2,110 - $2,335 So, we brought in a gentleman and broke facilities out from the more traditional property operations and created a separate reporting tower for all of the folks in operations. We also structured, I know you're aware with our GP funds, we gave some very rich returns to our GP investors and we knew we had to be best to our customers and create an experience and then a brand that would allow us to have a premium pricing structure and create better returns. Cortland Engaged Employer Overview 569 Reviews 120 Jobs 913 Salaries 80 Interviews 179 Benefits 91 Photos 164 Diversity + Add a Review Updated Feb 23, 2023 Find Reviews Clear All English Filter Found 548 of over 569 reviews Sort Popular Popular COVID-19 Related Highest Rating Lowest Rating Most Recent Oldest First 3.7 68 % They want to work for a brand that really means something and stands for something premium in the marketplace, and it also really pays huge dividends on the marketing side. By controlling that process, you now could control the quality of the product, and the difference in a really high-quality fixture versus the lowest builder grade stuff we were used to seeing it was literally single percent cost difference because you spent so much of the landed cost in the US went to logistics and shipping the amount of cost that went into the actual product is really pretty small. Neither one had ever been there, had no idea what they're getting into but we're going to go figure this out. By 2011, we owned and managed 5,000 apartment homes and meaningfully accelerated our plans to build a company that could deliver unique value to both our residents and partners. Within 50 Miles of Cortland 5550. One of the things we knew early on, if we were going to be best in class at creating a living experience and customer delight, what we had to do first was make this a best place to work. Hopefully, he won't be too critical of my leadership style during our discussion in a couple weeks. Again, we were trying to figure out how to build this machine to create really high-quality product, very affordable price, very little volatility in the delivery schedule, etc. Don't get too excited about AUM, it's more important that we're delivering that service every day, and obviously I know it takes both but Im trying to get at a little bit of what's the focus? It also made that team work together. So, we raised most of that capital in a preferred structure and we looked like geniuses at the end because the market went up so much, but we certainly didn't do it because we were smart. Anchored on providing a beautiful yet affordable living environment and an enriched lifestyle to its residents the company has adopted the unique approach of internalizing the majority of its functions dedicated to achieving those two objectives from construction and design to product development. I loved it 10 years ago, it was fun every day. 0:48 - Willy previews episodes to come. He is also a member of the Real Estate Roundtable, the Urban Land Institute, and the National Multifamily Housing Council. Browse jobs and read about the Cortland Dallas location with content posted anonymously by Cortland employees in Dallas, TX. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. 201 Jobs. Learn more about Walker & Dunlop and Driven by Insight. I think if we're really going to outperform in the new environment of multifamily going forward, that's the part where you got to be best. In general, I always feel appreciated, I always feel I can speak my mind, and I always feel like I am growing. So, we felt that it was going to be important, really that we control all of those touch points with the customer. And as I look at Cortland now a decade after you really started hitting this growth trajectory, for all of the incredible brand youve built, customer experience you've built, vertically integrated sourcing youve built, and the actual App rehab process, you've also created a capital formation machine that is, there are parallels to it like a Blackstone. The deal pushes Cortland's portfolio of owned and managed apartments to more than 60,000 nationwide and makes it the largest apartment owner in DFW, the company said. So, if you start by spending a little more on the product itself, which is pennies, I mean literally pennies in the stuff we're talking about. Cabinets, counters, tile, light fixtures, plumbing fixtures, flooring rob hooks, doorknobs, peep holes, you name it. As it relates to other types of housing, we have looked at whether student housing or senior housing. *In Canada, trademark(s) of the International Association of Better Business Bureaus, used under License. Steven DeFrancis is the founder and CEO of Cortland. Forms. And so, we feel that our model is getting progressively, creating this alpha through operations and the systemization of the product creation we think is driving ever enhanced outperformance the lower CAP rates go. We all met in the same bar after work to figure out what we did wrong that day. Steven DeFrancis: Well, we had a lot of learnings along the way. A lot of effort on the front end around considering talent before bringing them in and then a lot of focus on supporting our talent once they're here. Willy Walker: Well, as I said at the top of our discussion, the partnership between W&D and Cortland has been a big part of our success over the last decade and Im deeply appreciative of it and Im also appreciative of you taking the time to join me today and talk about how you've made Cortland the success that it is today. 270 S Watters Rd. When considering complaint information, please take into account the company's size and volume of transactions, and understand that the nature of complaints and a firm's responses to them are often more important than the number of complaints. So, Cortland decided to provide consistently high-quality living spaces at affordable costs. Fri: 9am - 5pm. But it definitely has paid a lot of dividends in transfers within the system. So, a lot of the system and work we're doing around is preventative maintenance and systemizing all of that process to keep that stuff from happening. (36) Military Housing (0) Corporate Housing (0) Move-In Date More Save Search Sort Beds. So those two things kind of had to come together to create that better client experience. To everyone who listened in today, I hope you enjoyed our discussion and I look forward to seeing everyone back next Wednesday on another version of the Walker Webcast. Headquartered in Atlanta,we own and manage apartment communities across the US with regional offices in Charlotte, Dallas, Denver, Greenwich, Houston, and Orlando. But we felt that there was an enormous opportunity that we could capitalize on if we really pivoted the whole business to focus on our customer as the true client. Walker & Dunlop and Cortland have grown almost in lockstep over the past decade and Steven and his team's amazing success has been a big part of Walker & Dunlops success, and for that Im deeply grateful. You have to set up the infrastructure and the culture of being an associate first organization if you're ever going to be best in class in customer service or customer experience. University of Georgias Terry College of Business, Atlanta Neighborhood Development Partnership, National Multifamily Housing Council top 50 owner and manager, 7501 Wisconsin Avenue, Suite 1200E, Bethesda, Maryland 20814. In part, the Cortland brand developed naturally through the companys consistency of assets; however, the company has also intentionally worked on its brand in order to create passion among human capital and help with marketing. Willy Walker: It makes two of us, it makes two of us. After all, as Steven says, Cortland is at heart a consumer-facing operating business that happens to need capital, not the other way around. Get a great Cortland, NY rental on Apartments.com! You can live in an apartment, or you can live at Cortland. Next, Willy and Steven dive into more detail concerning Cortlands consistency of assets. The company employs more than 2,000 associates; it also owns and manages over 65,000 units, with a pipeline that will push this number to over 70,000 by the end of the year. The vision also prompted a focus on brand. Cortland South Mountain 7017 S Priest Dr, Tempe, AZ 85283 Visit Cortland South Mountain website ( 1) Special offer! Im gonna start the second piece and then go to the fit and finish piece. So, part of it is the intellect testing, that's more of the straightforward part, and part of it is the personality and making sure that we're getting folks with the right personality to meet the job that they're going to do. 22:17 - Steven comments on Cortlands approach to brand and recruitment. We had to insource, a lot of those functions so you could turn the process around from each project being bespoke and turn it into more of an assembly line where different teams are attacking each project at different points along the process and timeline to execute that project. Copyright 2017-2020 Walker & Dunlop, Inc. That part didn't take a lot to bite off on that it was largely just math. Cortland is the largest owner operator in Atlanta and Dallas as well as all of the State of Texas. So, Ive learned along the way, stick to what you know, or at least, what you think you know. You have all these vendors working on every project, and so, instead of having an assembly line of work, it's more like you're building each one on a bespoke basis with the project at the center and all of these vendors attached to it, like the petal to a flower. Today it's just a different type of fun because you can do more and do it better, because each thing is systemized so much better. Pros. At least we were all one team. So, talking about engaging interaction discussions it's a true pleasure for me to have my friend and amazing CEO Steven DeFrancis joining us today. Most of all, we got great consistency so when we were promising delivery dates on these units, we had much lower volatility than what we had seen previously, doing a more traditional model. Cortland's team is comprised of people committed to challenging the standards of conventional apartment living. So that definitely has paid dividends, the real value on the brand more than anything else is the passion that it creates amongst the human capital. Technologies. (972) 895-6650. Before I introduce Steven and dive into our discussion, I want to thank Mike Altman, David Dixon, Brad Brown, Ned Stiker and the other members of the Cortland team for all they have done to make Cortland the amazing company and partner it is. We learned five or six years ago, we sort of realized that we weren't seeing the same passion, if you will, in our maintenance and facilities teams as we were seeing on the other, the leasing and operations side of the house. Id like to think and Brad Brown, my acquisitions chief swears we've never paid more than somebody else for a property. BBB is here to help. As a top 50 apartment owner and operator, Cortland has a brand and reputation of success and customer service. Resident Questions Over time, Cortland transitioned to having direct relationships with manufacturers in China; these relationships help Cortland to navigate any supply chain issues that may arise, including those that have arisen from the COVID-19 pandemic. Cortland Legacy is a short distance from incredible shopping, dynamic entertainment and several outstanding sporting venues. Photos. Once we brought that in-house, we then realized that we could do a better job on the material side and so Darla partnered with Clay Landers who runs our construction group and they started working with an importer, to again, we were not going directly to Asia to source materials were working with an importer to cut out some of the middlemen on this side. So, lot of room to grow in the business that we're doing. Cortland turned to insourcing, too, to control all touchpoints with customers. Need to find a different location? And then, use a good strong local team that can take that data and take what they know about what's going on in every part of their market, every day, it just allows us to be better at choosing where to lean into what we're offering versus throwing a dart at a board and hoping that this deal works. Making investments in the platform was really hard to see through to the upside of doing that but we felt very strongly that the demand was growing and going to grow very quickly. Speaking of life lessons, we have Bob Glazer renowned TED talk speaker and Acceleration Partner Founder joining us next week. So, instead of calling in the more traditional model where if you're looking for an apartment in Denver and you call one of our locations in Denver, if they can't help you, which is fairly likely, because all the properties sit at 95% occupied. 346-206-1014. 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